# G10 FX Talking: The medium-term dollar bear trend develops | articles | ING THINK

> ING's FX strategists say the medium-term dollar bear trend is developing, with EUR/USD trading around 1.1342 and a mildly bullish one-month bias. They expect a 1.12 to 1.16 range this quarter and a mildly bearish USD/JPY outlook, with real-money flows driving the rally.

- Date: 2025-04-16 · published 2025-04-16T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/7250-g10-fx-talking-the-medium-term-dollar-bear-trend-develops-articles-ing-think
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md), [Japanese Yen (JPY per USD)](https://feedsoft.ai/c/USDJPY.md)

## Why it matters

A sustained dollar decline would tend to lift dollar-priced commodities and could raise the relative cost of US feed exports for importers. Expected Federal Reserve easing adds to the dollar-weakness outlook.

## Read by commodity

- DXY: bearish ▼
- EURUSD: bullish ▲
- USDJPY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2023-11-15 | [FX Daily: Dollar bears may have jumped the gun \| articles \| ING THINK](https://feedsoft.ai/events/10101-fx-daily-dollar-bears-may-have-jumped-the-gun-articles-ing-think.md) | -0.9% | -0.2% |
| DXY | 2020-04-02 | [FX: In the dollar we do not trust \| articles \| ING THINK](https://feedsoft.ai/events/53574-fx-in-the-dollar-we-do-not-trust-articles-ing-think.md) | -0.5% | -0.8% |
| DXY | 2022-11-11 | [FX Daily: Too early for a broad dollar downtrend \| articles \| ING THINK](https://feedsoft.ai/events/7564-fx-daily-too-early-for-a-broad-dollar-downtrend-articles-ing-think.md) | -0.7% | -1.6% |
| DXY | 2017-04-19 | [Deconstructing Trump’s Dollar Talk \| articles \| ING THINK](https://feedsoft.ai/events/71683-deconstructing-trump-s-dollar-talk-articles-ing-think.md) | +0.2% | -0.2% |
| DXY | 2021-03-04 | [FX: Dollar bounce underwhelms \| articles \| ING THINK](https://feedsoft.ai/events/10066-fx-dollar-bounce-underwhelms-articles-ing-think.md) | +0.7% | +0.9% |
| EURUSD | 2021-03-04 | [FX: Dollar bounce underwhelms \| articles \| ING THINK](https://feedsoft.ai/events/10066-fx-dollar-bounce-underwhelms-articles-ing-think.md) | -1.4% | -2.7% |
| EURUSD | 2018-01-29 | [G10 FX Week Ahead: State of the dollar \| ING THINK](https://feedsoft.ai/events/67209-g10-fx-week-ahead-state-of-the-dollar-ing-think.md) | +0.2% | -1.0% |
| EURUSD | 2020-03-02 | [US asset markets: What Fed cuts mean for US Treasuries and the dollar \| articles \| ING THINK](https://feedsoft.ai/events/7151-us-asset-markets-what-fed-cuts-mean-for-us-treasuries-and-the-dollar-articles.md) | +2.9% | +0.5% |

## Sources

- think.ing.com: https://think.ing.com/articles/g10-fx-talking-april-2025/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.